During the washing and waxing of an automobile or of automobile tires, it is frequently desirable to cover the rims and hubcaps on the wheels of the automobile in order to protect the rims and hubcaps from coating or cleaning chemicals. Conventional rim and hubcap protectors, however, are typically incapable of being folded or collapsed for space-efficient storage. Therefore, a rim and hubcap protector which is capable of being folded or collapsed when not in use is needed.